Effective April 1, 2026, the Income Tax Department has overhauled the regulations concerning Permanent Account Number (PAN) applications and high-value transactions. Indian citizens and companies must now use the newly introduced ‘Form 93’ instead of Form 49A, while NRIs are required to use ‘Form 95’. Crucially, an Aadhaar card is no longer sufficient as a standalone document; applicants must now provide mandatory proof of date of birth, such as a birth certificate, driving license, or passport.

Significant changes have also been made to transaction thresholds. For instance, providing PAN details is now mandatory if total cash deposits in a financial year exceed ₹10 lakh across all bank accounts. On the brighter side, the threshold for PAN requirement in property transactions has been raised to ₹20 lakh, and for hotel payments, it has been increased to ₹1 lakh. Furthermore, motor vehicles priced below ₹5 lakh are now exempt from mandatory PAN disclosure. These measures aim to strengthen identity verification and curb tax evasion through enhanced monitoring of high-value financial activities.